When First Mid-Illinois Bank & Trust, a USD1.5 billion bank with 37 locations throughout Illinois, instituted a USD1 monthly account
inactivity fee, they turned to EnableSoft's Foxtrot to automate the assessment of charges to accounts that were already dormant.
Some even have an
inactivity fee if you leave money on them at the end of the holiday and even a fee to close the card and get your cash back.
The worst ones will also charge you an
inactivity fee if you leave money on them at the end of your break and even a fee to close the card down to get your leftover cash back.
Finally, it would cost an $8-a-month
inactivity fee if the employee doesn't use the card, though that's only after three months.
An
inactivity fee can't be charged unless a card hasn't been used for 12 months.
If you leave your prepaid card idle for quite some time, be prepared to pay an
inactivity fee. Rakbank, LoadnShop and MyNetCard prepaid holders who don't use their card for six consecutive months will get charged Dh10 to be able to use it again.
The Higher One account
inactivity fee is a flash point for students.
If you don't use it for six months, you'll have a pounds 2.50 monthly "
inactivity fee" docked from any money still on it.
"An example would be an
inactivity fee. If you're using a reward card and you make one late payment, then they're going to basically hold your reward points hostage and charge you a fee to be able to redeem your points."
California and Washington prohibit any
inactivity fee for at least two years and then allow it only if the gift card's balance drops to $5 or less.
To write down a vendor's escheatment exposure, a credit professional may consider imposing an
inactivity fee to the credit balance.
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